MIRA
INFORM REPORT
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Report Date : |
02.10.2007 |
IDENTIFICATION DETAILS
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Name : |
BHATIA INTERNATIONAL LIMITED |
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Registered Office : |
BCC
House, 8/5, Manormaganj, New |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.08.1999 |
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Com. Reg. No.: |
013713 |
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CIN No.: [Company
Identification No.] |
U23101MP1999PLC013713 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BPLB01119G |
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Legal Form : |
A
Closely Held Public Limited Liability Company |
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Line of Business : |
Traders and Importers of indigenous coal. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 5600000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. Financials position is good. Payments are correct and as per commitments. The company can be considered good for any normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office/ Corporate Office : |
BCC
House, 8/5, Manormaganj, New |
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Tel. No.: |
91-731-5066101 |
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Fax No.: |
91-731-2498102 |
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E-Mail : |
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Website : |
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Cable : |
Coaltrade |
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Regional Offices: |
Western Region Central Region Southern Region |
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Administrative
office: |
10-11,
2nd Floor, Dawa Bazar, 13-14, R. N. T. Marg, |
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Tel. No.: |
91-731-5041249 / 2702892 |
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Fax No.: |
91-731-2702892 |
DIRECTORS
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Name : |
Mr.
Gurvinder Singh |
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Designation : |
Director |
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Address : |
360, Vishnu
Puri Annex, |
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Date of Birth/Age : |
06.06.1955 |
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Date of Appointment : |
30.08.1999 |
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Name : |
Mr.
Surinder Singh Bhatia |
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Designation : |
Director |
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Address : |
12-14,
Piplia Rao, Near Aditya Nagar, |
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Date of Birth/Age : |
09.08.1963 |
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Date of Appointment : |
01.01.2004 |
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Name : |
Mr.
Manjeet Singh Bhatia |
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Designation : |
Director |
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Address : |
Apoorva
Apartment, Near Police station, Jari Patka, |
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Date of Birth/Age : |
10.05.1961 |
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Date of Appointment : |
30.08.1999 |
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Name : |
Mr. Kulwant S. Bhatia |
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Designation : |
Director |
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Address : |
8/5, Manormaganj Navratan Bagh, |
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Date of Birth/Age : |
27.05.1959 |
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Date of Appointment : |
01.08.2000 |
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Name : |
Mr. Amandeep S. Bhatia |
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Designation : |
Whole Time Director |
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Address : |
360,
Vishnu Puri Annex, |
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Date of Birth/Age : |
23.10.1981 |
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Date of Appointment : |
27.08.2003 |
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Name : |
Mr. Jitendra Kumar Jain |
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Designation : |
Director |
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Address : |
745/8, Nanda Nagar, |
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Date of Birth/Age : |
30.06.1963 |
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Date of Appointment : |
01.08.2000 |
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Name : |
Mr. Prem Prakash Agarwal |
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Designation : |
Director |
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Address : |
F-103 |
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Date of Birth/Age : |
14.10.1942 |
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Date of Appointment : |
17.02.2005 |
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Name : |
Mr. Satya Prakash Verma |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
15.02.1938 |
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Date of Appointment : |
17.02.2005 |
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Name : |
Mr. Lal Krishna Thanvi |
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Designation : |
Director |
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Address : |
7 Ganesh Shivkripa Apartment, Ichanath Mahadev Mandir, |
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Date of Birth/Age : |
01.01.1963 |
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Date of Appointment : |
01.01.2004 |
KEY EXECUTIVES
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Name : |
Mrs. Sunila Rao |
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Designation : |
Secretary |
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Address : |
26/3, Mridula Bhawan, Shakti Nagar, |
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Date of Birth/Age : |
12.01.1982 |
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Date of Appointment : |
01.06.2004 |
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Name : |
Mr. Anil Bhaskaran |
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Designation : |
Secretary |
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Address : |
102, Kalpataru Apartment, 6, Dhanwantari Nagar, |
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Tel. No.: |
91-731-4200219 |
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Fax No.: |
91-731-4066102 |
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E-Mail: |
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Date of Birth/Age : |
26.10.1968 |
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Date of Appointment : |
07.11.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Kripal Singh Bhatia |
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22099 |
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Mr. Gurvinder Singh Bhatia |
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813791 |
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Mr. Surinder Singh Bhatia |
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1427866 |
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Ms. Veena Bhatia |
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39266 |
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Ms. Gurvinder Kaur Bhatia |
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168633 |
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BCC Cargo Private Limited |
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112000 |
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Mr. Amandeep Singh Bhatia |
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545166 |
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Ms. Narendra Kaur Bhatia |
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2000 |
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Surender Singh Bhatia HUF |
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381363 |
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BCC Investments ( |
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100000 |
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Category |
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Percentage
of Holding |
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Bodies corporate (not mentioned above) |
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39.01 |
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Directors or relatives of directors |
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34.72 |
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Other top fifty (50) shareholders (other than listed above) |
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26.27 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Traders and Importers indigenous coal. |
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Products : |
·
Indigenous Coal ·
Washed Coal ·
Lignite Coal ·
Steaming Coal ·
Coking Coal |
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Imports : |
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Countries : |
Coking
coal from |
GENERAL INFORMATION
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Customers : |
Clients are the doyens of industry in the field of cement, chemicals,
fertilizers, paper, power, solvents, steel, sugar and textile. • Aditya Birla Group • M
P Birla Group |
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No. of Employees : |
700 |
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Bankers : |
Ř State Bank of Mysore- Indore Ř State Bank of India- Indore Ř UCO Bank of India- Indore Ř
Union Bank of Ř
Bank of Punjab – Ř
Industrial Bank of |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R. S.
Bansal and Company Chartered
Accountants |
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Address : |
Urvashi,
1st Floor, 3, Jaora Compound, |
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Tel. No.: |
91-731-2702834-35 R- 91-731-2492425-35 |
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Associates/Subsidiaries : |
·
Bhatia Coal Seals Limited Date of Incorporation – April, 1991 Subject is engaged in trading of imported as well
as indigenous coal. ·
Associated Transport Company This is a proprietorship firm. Contact Person – Mr. S. S. Bhatia It had started its business in the year 1985. The firm is engaged in transportation and handling
of coal of the group companies only. ·
BCC Finance Limited Date of Incorporation – July, 1993 The company is engaged in finance of leasing and
Hire Purchase business. The shares of the companies are being quoted at
Bombay Stock Exchange, Ahmedabad and M. P. Stock Exchange, |
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Group Companies: |
Ř BCC Investments India Private Limited Ř BCC Cargo Private Limited Ř Ishher overseas Private Limited |
CAPITAL STRUCTURE
Authorized Capital:
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No. of Shares |
Type |
Value |
Amount |
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13000000 |
Equity Shares |
Rs. 10.00 each |
Rs. 130.000 millions |
Issued, Subscribed Capital:
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No. of Shares |
Type |
Value |
Amount |
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10441277 |
Equity Shares |
Rs. 10.00 each |
Rs. 104.413 Millions |
Paid-up Capital:
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No. of Shares |
Type |
Value |
Amount |
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10441277 |
Equity Shares |
Rs. 9.86 each |
Rs. 92.130 102.928 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
102.928 |
89.023 |
55.701 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1298.165 |
992.791 |
625.804 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1401.093 |
1081.814 |
681.505 |
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LOAN FUNDS |
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1] Secured Loans |
806.803 |
811.360 |
399.288 |
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2] Unsecured Loans |
955.096 |
891.838 |
1000.038 |
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TOTAL BORROWING |
1761.899 |
1703.198 |
1399.326 |
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DEFERRED TAX LIABILITIES |
5.815 |
4.751 |
3.340 |
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TOTAL |
3168.807 |
2790.328 |
2084.171 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
979.518 |
926.492 |
337.361 |
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Capital work-in-progress |
85.393 |
0.000 |
0.000 |
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INVESTMENT |
19.460 |
9.619 |
0.592 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1528.188
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902.689 |
942.010 |
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Sundry Debtors |
4133.527
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3091.939 |
1369.076 |
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Cash & Bank Balances |
797.168
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754.676 |
800.730 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
349.596
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383.824 |
164.074 |
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Total
Current Assets |
6808.479
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5133.128 |
3275.890 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
4473.734
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3204.283 |
1529.886 |
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Provisions |
250.487
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74.898 |
0.000 |
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Total
Current Liabilities |
4724.221
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3279.181 |
1529.886 |
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Net Current Assets |
2084.259
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1853.947 |
1746.004 |
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MISCELLANEOUS EXPENSES |
0.177 |
0.270 |
0.214 |
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TOTAL |
3168.807 |
2790.328 |
2084.171 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
15369.443 |
10059.079 |
8130.253 |
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Other Income |
0.022 |
0.552 |
349.532 |
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Total Income |
15369.465 |
10059.631 |
8479.785 |
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Profit/(Loss) Before Tax |
260.106 |
103.289 |
84.150 |
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Provision for Taxation |
92.841 |
36.202 |
31.652 |
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Profit/(Loss) After Tax |
167.265 |
67.087 |
52.498 |
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Expenditures : |
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Raw Material Consumed |
244.656 |
0.000 |
8183.633 |
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Purchases made for re-sale |
14174.669 |
9672.844 |
0.000 |
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Increase or decrease in finished goods |
(56.615) |
(122.272) |
0.000 |
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Salaries, wages and bonus |
58.752 |
28.517 |
0.000 |
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Managerial Remuneration |
45.358 |
21.161 |
0.000 |
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Payment of auditors |
0.260 |
0.097 |
0.000 |
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Interest |
83.881 |
96.892 |
75.764 |
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Insurance Expenses |
12.794 |
22.627 |
0.000 |
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Power and Fuel |
8.408 |
2.566 |
0.000 |
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Depreciation and amortization |
135.517 |
44.029 |
19.546 |
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Other Expenditure |
401.680 |
74.255 |
116.692 |
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Total Expenditure |
15109.360 |
9956.342 |
8395.635 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.09
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0.67 |
0.62 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.69
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1.03 |
1.04 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.34
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1.70 |
2.33 |
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Return on Investment (ROI) (PBT/Networth) |
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0.19
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0.10 |
0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.63
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4.61 |
4.30 |
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Current Ratio (Current Asset/Current Liability) |
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1.44
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1.56 |
2.14 |
LOCAL AGENCY FURTHER INFORMATION
It has
taken over the entire coal business of Bhatia Coal Corporation w.e.f.
01.10.1999, a proprietorship firm of Mr. G. S. Bhatia who had been running the
firm in excellent manner for last 21 years.
Fixed Assets
- Head Office
- Washery Chinchala
- Branch Korba
- Washery Ghuggus
- Coke Oven Plant
- Deshaling Division
Form 8
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Name of the company |
BHATIA INTERNATIONAL LIMITED |
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Presented By |
Jointly by Mr. G
S Bhatia, Chairman and Managing Director on behalf of the Company and State Bank
of India, Commercial Branch, Indore, Madhya Pradesh, India |
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1) Date and description of instrument creating the change |
31.10.2005 1.
Working
Capital Consortium Agreement in Form CF-1 2.
Joint
Deed of Hypothecation in Form Cf-2 All the above agreements
have been executed between the Company and the consortium Banks i.e.
(hereinafter
collectively called as “said banks” or “the SBI Consortium”) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Working Capital
Consortium Limits sanctioned by the said Banks is Rs. 4580.000 millions as
per details expounded in the First Schedule of the Working Capital Consortium
Agreement and are as under:
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
The above working
Capital Credit facilities together with interest, compound interest,
additional interest, liquidated damages, costs, charges, expenses and other
moneys elaborately mentioned in the Second Schedule of the Working Capital
Consortium Agreement, payable in respect thereof will be secured in favour of
said Banks by of
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4) Gist of the terms and conditions and extent and operation of the charge. |
1.
The
working capital credit facility of Rs. 4580.000 millions in the form of
overdrafts, cash credits, pre-shipment and post shipment credits, opening of
Letter of credit, issuing of Guarantees including deferred payment guarantee
and indemnities, negotiation and discounting of demand and/or usance bills
and Cheques and such other facilities sanctioned by the said Banks has been
secured by first pari passu charge by way of Hypothecation on all current assets
and a second pari passu charge on the immovable properties of the borrower. 2.
The
borrower shall repay the above working Credit facilities to each of the said
banks on demand of all such amounts together with interest, compound interest,
additional interest, liquidated damages, costs charges, expenses and other
monies thereon the rate or rates as may be applicable to the second schedule
of the Working Capital Consortium Agreement. 3.
Interest
shall be charged on the outstanding in the said accounts at such rate or
rates as may be determined by the said banks from time to time and if such
rate or rates is or are linked to the Commercial Banks Advance Rate, than the
effective rate of interest on such account(s) shall correspondingly stand
revision. 4.
As
stipulated by the said banks from time to time, the borrower shall at all
times maintain sufficient security margins. 5.
The
Borrower shall indemnity the said Banks and keeps the said banks harmless and
the said banks harmless and indemnified at all times against all losses,
damages, actions, costs, charges or expenses, which may be made against or
sustained or incurred by the said banks. 6.
The
above said Agreements for Working Capital Credit facilities shall operates as
continuing security for all monies indebtedness and liabilities. 7.
The
other terms and conditions, extent and operations of the Working Capital
Credit limits of Rs. 4580.000 millions sanctioned by the said Banks have been
given in the Working Capital Consortium agreement in Form CF1; Joint Deed of
Hypothecation in Form CF 2; Inter Se agreement in Form CF 3 and Deed(s) of
Guarantee, all dated 31.10.2005. |
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5) Name and Address and description of the person entitled to the charge. |
v
State
Bank of v
State
bank of v
UCO
Bank, Sanyogitaganj Branch, v
Central
Bank of v
Oriental
bank of Commerce, Sneh Nagar Branch, v
Centurian
Bank of Punjab Limited, v
State
Bank of v
Union
Bank of |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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Corporate identity
number (CIN) Foreign company registration number |
U23101MP1999PLC013713 |
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Name of the
Company |
BHATIA INTERNATIONAL LIMITED |
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Address |
BCC
House, 8/5, Manormaganj, New |
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This form is for |
Modification of
charge |
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Type of Charge |
A charge on: v
Immovable
Property v
Book
Debts v
Movable
Property (not being pledge) |
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Particulars of
the charge holder |
State Bank of Commercial
Branch, E-mail: jaidev.dave@sbi.co.in |
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Nature or
description of the instrument(s) creating or modifying the charge |
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Date of the
instrument creating or modifying the charge |
23.05.2007 |
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Amount secured by
the charge |
Rs. 6.160 Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
(a) Rate of
Interest: Interest shall be
charged on the outstanding at such rate(s) as may be determined by the Bank
from time to time and if such rate is linked to commercial banks advance rate
then effective rate of interest shall be charged accordingly. (b) Terms of
repayment: The borrower shall repay the amount on demand to the respective
bankers. (c) Margin: Cash
Margin as stated in the first schedule to working capital consortium
agreement. (d) Extent and
operation of the charge: The credit
facilities together with interest, costs, charges, expenses and other moneys
payable will be secured in favour of the Banks by a first charge by way of hypothecation
and/or pledge of the borrower’s current assets (as described in Article –II
of working capital consortium agreement) both present and future. (e) Others:
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Short particulars
of the property charged (including location of the property) |
Borrower
hypothecate to and in favour of Banks jointly and to each of them severally
all and singular stock of raw materials, semi-finished and finished goods,
consumable stores and spares, bills receivables, book debts and all other
movables exclusive as permitted by Bankers but inclusive of title to goods
and other assets such as outstanding moneys, receivables incl. receivables by
way of cash assistance and/ or cash inc. cash incentive scheme etc. both
present and future of the borrower/ borrower’s division at various places. |
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Particular of the
present modification |
The credit
facilities of Rs. 5057.500 millions sanctioned to the company under
consortium is enhanced to Rs. 6160.000 millions. The previous charge is hence
modified on the terms and conditions as stipulated in above columns as well
as on the terms and conditions as specified in the respective agreements/
documents and their schedules (if any) |
AS PER
WEBSITE
It took nature, millions of years to form this solid fuel and the ease with which it is being used today, throws new light on the role coal plays in the lives on a day-to-day basis. This is the story of an organization and its people whose dreams helped propel the economy of a country....
What began three decades ago as a wholesale distributor of steam coal to small volume customers, is today, a Rs. 7.5 billion (US $ 160 million), 25 office giant that employs 400 team members and uses state of the art technology to transform coal into clean fuel for electricity, cement and steel industries.
One of the largest importers of coal, the group supplies coal, both indigenous and imported to various blue chip companies in almost all sectors where coal is used either for heat or power generation. The group imports from most of the coal mines in the world, and has the ability to supply varieties of coal, making it the perfect one stop shop for customers tailor made needs.
GUIDING LIGHTS
Mr. G. S. Bhatia, the patriarch, is the Founder and Chairman of the BCC Group. He is also the Managing Director of Bhatia International Limited. The Group companies are Associated Transport Company and BCC Finance Limited, involved in logistics and financing, lease and hire purchase, respectively.
Mr. S. S. Bhatia is the Vice - Chairman of Bhatia International, and plays a vital role in all group companies.
Mr. M. S. Bhatia, Director of Bhatia International looks after the Indigenous Coal and Logistics Management.
Mr. G. S. Bhatia, Mr. S. S. Bhatia and Mr. M. S. Bhatia possess a wealth of practical experience in profitable coal trading. Under their able guidance, the company has developed a young team of committed and dynamic professionals in International Trade who monitor day-to-day activities and strive to provide customer - oriented quality service.
Mr. Aman Bhatia, the young,
new face of the company is being groomed to lend strength to the organization.
ANY COAL, ANY TYPE, ANYTIME
Through expansion and diversification, Bhatia International has evolved into a multi-faceted producer of coal. The company's research and development facilities are exclusively devoted to maintaining high quality standards of coal. Whatever be the type of coal, how much ever the quantity and wherever in the country, and order of coal is promptly delivered at any given time. Besides, the company advises clients on improving production efficiency, and reducing costs, helps procure finance for them and even clears goods faster.
Completely backward and forward integrated, Bhatia International is a one-stop-shop for coal procurement in the country.
Says Mr. G. S. Bhatia, Chairman and Managing Director, "It gives us immense pride to say that all client needs are met under one roof. The client saves precious time and effort with us. We are not just in the business of supplying coal but also offer end-to-end solutions to all the clients."
UNDER ASH GLOWS THE FINEST COAL
Coal, the primary source of energy in
Bhatia International is wholly devoted towards quality and value-addition. Since coal contains a mix of impurities viz. rock and dirt, it needs to be cleaned and traded by the process known as "Coal Washing" before it reaches the end-user. "Coal Washing" not only reduces ash but also brings down pollution levels caused by impurities. Bhatia International started its first washery at Wani in Maharashtra with a capacity of 3 million tonnes per annum. At Wani, the company is using the heavy media drum separator technology. For quality consistency, it has deployed as online ash monitor. Maharashtra State Electricity Board (MSEB) and various other industries benefit from it.
Other Bhatia International Projects of coal washery are a 4 million tonnes washery at Ghughus in Maharashtra which is in the advanced stage of construction and another which has a similar capacity at Korba (Chattisgarh) for which land has been acquired and the order for long delivery items has been placed.
The company has entered into agreement for technology and
equipment supply with KHD Humboldt Wedag AG of
In the years to come, Bhatia International plans to have washeries around Singreni and Mahanadi Coalfields
A GLOWING FUTURE – BHATIA INTERNATIONAL’S FIRST
COKE OVEN PLANT
Having developed core competency in marketing imported and indigenous
coal to different industry sectors countrywide and making expertise and source available
for economic procurement of inputs required for manufacturing of Coke, Bhatia
International has decided to put up a LAM (Low Ash Metallurgical) Coke Oven
Plant with a capacity of 0.085 million tonnes per annum in Tamilnadu. In close
proximity of ports and consumers of end-products. An edge over other
manufacturers in the same business.
The Plant is based on proven indigenously developed technology, and
incorporates certain additional features, namely Pusher, Cutter, Quenching Car,
Charging Car, Conveyor, Stamping, Hopper, etc. not installed in the
conventional Coke Oven Plant.
LAM Coke is the basic fuel for iron and Steel Industries, Foundries,
Zinc and other heavy Chemical Industries. Due to the wide-spread usage of LAM
Coke, the demand-supply gap will continue to grow in the future. Bhatia
International is ready for the challenge!
LIGHTING NEW HORIZONS
Bhatia International is now spreading its wings to sell coal on C&F
basis within
It has set the tone by setting up its first coke oven plant, and is
planning to acquire exclusive mining blocks. Moreover, efforts in the washery
segment continue with the expansion of existing capacities, as wall as setting
up of new ones. To add, Bhatia International is also exploring the possibility
of setting up independent power plants for optimum utilization of coal rejects
from washeries.
It is and has always been Bhatia International's endeavor to stay ahead
of competition by thinking ahead about changing consumer needs.
Important milestones in the journey
1962: Mr. Kripal Singhji Bhatia, Father of the Founder, started retailing
Timber, Charcoal, Coke and Steam Coal.
1979: Bhatia Coal Corporation, Mr. G. S. Bhatia's proprietorship was formed,
which subsequently developed as the BCC Group.
1985: Associated Transport Company, the proprietorship of Mr. S. S. Bhatia was
formed, which offered end to end solutions.
1987: The Group started supplying to Cement and Paper Industries. In addition
to trading coal, it extended its support services to leading Indian and Multi-
national companies.
1995: First vessel carrying imported coal for the Group sailed into
1999: Bhatia International came into existence, and took over Bhatia Coal
Corporation, thus consolidating the business.
2001: Bhatia International forced its own Shipping division, and began
chartering vessels.
2002: The Group imported its centenarian vessel. In this year, 1.5 million tones
of coal was imported. Bhatia International setup its first washery at Wani
(Maharashtra) with a capacity of 1 million tones per annum.
2003: In a strategic move, Bhatia International took over Bhatia Coal Sales
limited, thus strengthening the scattered coal business. It imported 2 million
tones of coal, becoming the largest importer of coal in
2004 and Beyond: Bhatia International is in the process of setting
up a 2 million tonnes washery at Ghughus (Maharashtra), followed by another in
Korba (Chattisgarh) with a capacity of 2 million tonnes. It has also taken
effective steps to set up its first coke oven plant in Tamilnadu.
The foresight and hard work of its promoters and team-members have
helped the Group turnover reach where it is today. At Rs. 7.5 billion (US$
60million), future projections look very bullish.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions between
a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 39.79 |
|
|
1 |
Rs. 81.23 |
|
Euro |
1 |
Rs. 56.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|